US and China agree to lower tariffs in trade war de-escalation

The US and China have agreed to lower tariffs on each other’s goods substantially for 90 days following negotiations last weekend. Speaking in Geneva, the US treasury secretary, Scott Bessent, said 'both sides will move their tariffs down by 115%'. Subscribe to Guardian News on YouTube ► http://bit.ly/guardianwiressub It is a significant de-escalation in the trade war that blew up last month. Before the latest deal, the US had lifted its tariffs on China to 145% – including the 20% tariff added to tackle fentanyl imports into the US – with Beijing having retaliated with 125% tariffs on US imports US and China agree to slash tariffs in trade war de-escalation– business live ► https://www.theguardian.com/business/live/2025/may/12/us-china-trade-war-talks-stock-markets-oil-dollar-gold-business-live-news#top-of-blog White House claims China trade deal reached while Beijing hails ‘important first steps’ ► https://www.theguardian.com/us-news/2025/may/11/us-china-trade-talks-geneva-intended-de-escalate-tensions-lutnick The Guardian publishes independent journalism, made possible by supporters. Contribute to The Guardian today ► https://bit.ly/3uhA7zg Sign up to the Guardian's free new daily newsletter, First Edition ► http://theguardian.com/first-edition Website ► https://www.theguardian.com Facebook ►https://www.facebook.com/theguardian Instagram ► https://instagram.com/guardian The Guardian on YouTube: The Guardian ► https://bit.ly/guardiannewssubs Guardian Australia ► https://bit.ly/guardianaussubs Guardian Football ► https://bit.ly/gdnfootballsubs Guardian Sport ► https://bit.ly/gdnsportsubs It's Complicated ► https://bit.ly/ItsComplicatedSubs Guardian Live ► https://bit.ly/guardianlivesubs #trumptariffs #chinatariffs #china #usa #politics #donaldtrump #trump #economy #business